COVID RECOVERY RATE
UK election-winner Starmer inherits weak economy with 'no magic wand'
Living standards have stagnated since Conservatives took power in 2010 and Britain's recovery from the COVID pandemic has been the weakest among big rich nations after Germany. Starmer will be under pressure to use Labour's huge majority in parliament to end the sense of decline, from creaking public services and inflation-hit personal finances to a shortage of housing and weak business investment.
Gold’s 13% uptick beats Nifty's H1CY24 gains. Who could hold the edge in second half?
HDFC Bank's shares surged approximately 3% to reach a new 52-week high on Wednesday. Investors reacted positively to news suggesting a potential increase in the bank's weightage in the MSCI Emerging Markets index. Doubling lenders' weightage in the global index can attract FII flows, ranging from $3.2 bn to $4 bn.
RBI aims to get inflation down to 4%, don't expect any rate cut this year: Amitabh Chaudhry, MD, Axis Bank
Axis Bank aims for sustained growth through NIM enhancement, market share expansion, and compliance strengthening under CEO Amitabh Chaudhry's leadership.
"It's all happening again": The supply chain is under strain
The intensifying upheaval in shipping is prompting carriers to lift rates while raising the specter of waterborne gridlock that could again threaten retailers with product shortages during the make-or-break holiday shopping season. The disruption could also exacerbate inflation, a source of economic anxiety animating the U.S. presidential election.
Auto, auto ancillary sector a good theme to play the rural recovery: Devang Mehta
Some of the FMCG participants also came in this analyst guidance that most of these companies are now trying to come back and there was a decent volume growth which is seen.
China central bank boss says no major stimulus to boost economy
The country's recovery from the impact of Covid has slowed in the months since it abruptly lifted tough restrictions in late 2022, with a property crisis and tepid consumer demand weighing on growth.
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What needs to be on returning Finance Minister Nirmala Sitharaman’s to-do list
Back as FM, Sitharaman’s new challenges include economic costs of climate change, low job creation & tepid private investment
FMCG and consumer durables poised for growth : Trideep Bhattacharya
I think the market has taken comfort over the last few days since the election result has come out, until yesterday that the ministries have been announced that broadly speaking the policy directive is likely to remain the same.
Higher property prices, changes in law to boost debt recovery from stressed realty projects: Report
The recovery of debt from stressed residential realty projects is expected to increase in the current financial year due to rising property prices and regulatory changes. Crisil forecasts a bad loan recovery rate of 16-18% by FY25, driven by improved project viability, strong demand, and investor interest. Recent amendments to IBBI regulations are also seen boosting real estate asset resolution. With residential realty demand projected to grow by 10-12% and low unsold inventories, ARCs are expected to expedite the turnaround of stressed projects.
IT stocks plunge up to 5% on Monday after 8% rally last week. Know how experts view sector!
Nifty IT index fell 2.3% with Coforge and Persistent Systems as top losers, despite Nifty hitting a lifetime high. IT sector has seen recent positive returns but remains a laggard over the quarter.
ARCs to see 5-7% higher recoveries from residential realty in FY25: CRISIL Ratings
Additionally, recent amendments to the Insolvency and Bankruptcy Board of India (IBBI) regulations are expected to expedite the resolution of stressed real estate assets in the medium term, enhancing the overall recovery process for ARCs.
ECB jumps ahead of Fed, cuts interest rate by 25 bps for first time since 2019
ECB raises inflation forecast for 2024, 2025. Analysts say the quarter-point cut on Thursday would likely not usher in a swift series of further cuts as the bank waits to make sure inflation is under control while easing credit to help the economy. While inflation at an annual rate of 2.6% in May is well down from the peak of 10.6% in October 2022, the decline has slowed in recent months and inflation even ticked up slighly from 2.4% in April.
Domestic air passenger traffic grows 5.1 pc to about 138.9 mn in May: ICRA
In May, domestic air passenger traffic grew 5.1% YoY to 138.9 million, 14% higher than pre-Covid levels, as per Icra. The Indian aviation industry outlook is stable with a continued recovery in passenger traffic and stable cost environment, expecting the trend to continue in FY2025.
Sinking profits bring reality check to AI-driven rally in emerging market stocks
Unilever Plc’s Indian unit reported a 5.5% drop in net income for the first quarter, missing analyst estimates. Behind the decline was sluggish rural demand combined with high net-worth urban consumers pivoting to other brands. Similar trends can be seen elsewhere, with Chilean retailer Cencosud SA, restaurant chain operator Yum China Holdings Inc. and Swiss-South African jeweler Compagnie Financiere Richemont SA all delivering weaker-than-expected results.
Economy expands 7.8% in Q4, lifting FY24 growth to 8.2%
This is the highest annual growth since FY17, excluding the 9.7% post-Covid rebound in gross domestic product (GDP) in FY22 after the 5.8% contraction in FY21. The advance estimate released in February had pegged FY24 growth at 7.6%. Economists and government expect the high growth to continue though tepid private consumption remains a concern.
IMF upgrades China's 2024, 2025 GDP growth forecasts but warns of risks ahead
"China's economic growth is projected to remain resilient at five percent in 2024 and slow to 4.5 percent in 2025," the IMF said in a press release, adding the decision was "driven by strong first-quarter GDP data and recent policy measures".
UK recovering faster than expected after slipping into technical recession: IMF
The UK economy is approaching a soft landing, with a recovery in growth expected in 2024, strengthening in 2025, IMF said. Soft landing in economic parlance is managing inflation at comfortable levels without hurting economic growth.
FMCG demand most in five southern states: Discretionary or essential, sales go north in south
South India leads post-Covid demand recovery with increased FMCG sales, higher consumer spending, and more shopping trips in 2023, a Kantar report shows. Retail sales growth in the peninsula region outperforms the rest of India. The region's rapid recovery is fueled by a young workforce, new-age sectors, and robust manufacturing investment.
Creditors' haircuts in bankruptcy cases jump to 73 pc in FY24, resolutions taking longer: Report
Creditors' haircuts in bankruptcy resolutions rose to 73% in FY24 from 64% in FY23. 269 resolution plans were approved by NCLTs, with a decline in new admissions due to Covid-19. The average resolution time also increased, impacting CIRPs and entities. NCLT passed liquidation orders for 446 corporate debtors in FY24.
Uttarakhand accuses Patanjali's Ramdev of misleading public with COVID, other cures
An Indian state has leveled criminal charges against yoga guru Baba Ramdev for promoting his traditional ayurvedic medicine as a COVID-19 cure, despite it being approved only as an "immunity booster." Ramdev faces accusations of misleading the public regarding the efficacy of his medicines, with potential penalties including jail time.
Twin tailwinds: Banning of Russian metal and Chinese revival, 5 metal stocks with an upside potential of up to 23%
It is not easy to quantify how much impact it will have in the short term, but the fact that the two of the world largest commodity exchanges, London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) have banned any metal of Russian origin produced after 13th April, have a higher probability of pushing up the metal prices higher after some time. Now this comes on the back of Chinese GDP numbers which were better than expected. If one looks at the trend in metal prices, they are incher higher. If the revival of the Chinese economy gets further momentum than probably two years old, the bearish phase of metal prices might be over. What does this mean for the Indian metal companies, probably another round of higher profits given the fact that their balance sheets are in much better shape as compared to 5 years back.
The economy looks good — here's what India needs, to get straight ‘A’s over the long term
To begin with, it is sensible to see growth in conjunction with inflation data, especially inflation that has been shorn of volatile components, such as food and fuel. This adjusted, or core, inflation has been dropping steadily over H2 2023-24, down to 3.3% in February, suggesting that even with such high growth rates, the economy has not 'overheated'.
Chinese premier says economic growth target is about 5%, on par with last year's rate
The consumer-led recovery hoped for after the end of anti-virus controls that kept millions of people at home faltered midway through last year, as falling housing prices and worries over jobs left many families either reluctant or unable to spend more. Control over the economy increasingly is concentrated under leader Xi Jinping.
Bringing it all back home in dollops
India is expected to receive inward remittances of $125 billion in the fiscal year 2023-24, making it the top recipient globally. The surge is attributed to tight labor market conditions in the West and the accelerated economic recovery in West Asia following last year's spike in oil prices.
India adds 92 fresh Covid cases, active caseload dips to 1,786
The total tally of Covid cases is currently at 4,49,93,671 (4.49 crore). The national COVID-19 recovery rate has been recorded at 98.81 per cent, according to the health ministry website.
India reports 425 new Covid cases
The active cases now comprise 0.01 per cent of the total infections, while the national COVID-19 recovery rate has been recorded at 98.80 per cent, website said. The number of people who died from the disease rose to 4,44,52,223 while the case fatality rate was recorded at 1.18 per cent.
Active Covid cases dip to 5,707, as 490 new cases logged in 24hrs
The death toll has increased to 5,31,856 with two deaths, the data updated at 8 am stated. The Covid case tally was recorded at 4.49 crore (4,49,88,916). Active cases now constitute 0.02 per cent of the total infections in the country. The latest national recovery rate has been recorded at 98.80 per cent, the data showed.
5,874 new Covid cases recorded in India
The active cases now comprise 0.11 per cent of the total infections, while the national COVID-19 recovery rate has been recorded at 98.71 per cent, according to the health ministry website. The number of people who have recuperated from the disease went up to 4,43,64,841 while the case fatality rate was recorded at 1.18 per cent.
India reports 3,016 fresh COVID-19 cases
The active cases now comprise 0.03 per cent of the total infections, while the national COVID-19 recovery rate has been recorded at 98.78 per cent, according to the health ministry website. The number of people who have recuperated from the disease surged to 4,41,68,321, while the case fatality rate was recorded at 1.19 per cent.
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